Overview

India aims to reach 500 GW of non‑fossil power capacity, making battery manufacturing a critical energy‑security challenge. Current lithium‑ion battery demand is expected to roughly quintuple to over 115 GWh by 2030, while the country remains heavily dependent on imported cells and critical raw materials.

Podcast Discussion

In the latest People by WTF episode, host Nikhil Kamath converses with Henning Rath, CEO of EnerVenue, and Kun Tang, Executive Chairman of HiNa Battery. The dialogue moves from lithium‑iron‑phosphate (LFP) chemistry to industrial policy, manufacturing, AI infrastructure, and the economics of building a battery firm in India.

LFP Safety Concerns

Rath explains the phenomenon of “thermal runaway,” where a battery exceeding a critical temperature triggers a self‑accelerating reaction that cannot be stopped. Tang highlights that the world recorded more than 14,000 LFP battery fires in 2025, noting that incidents cluster among smaller tier‑two Chinese manufacturers, whereas premium players like CATL and BYD command higher prices due to tighter production quality.

Alternative Chemistries

  • Sodium‑ion: Tang’s company, HiNa Battery, claims to have supplied the world’s first 100 MWh sodium‑ion storage project. Sodium‑ion cells cost roughly one‑tenth of lithium‑ion cells, use domestically abundant materials (sodium, iron, phosphate), and resist thermal runaway at current energy densities. Their lower energy density confines them to grid‑scale storage and short‑range vehicles such as scooters and three‑wheelers.
  • Nickel‑hydrogen (water‑electrolyte): EnerVenue is commercialising a NASA‑derived, nickel‑based battery that eliminates high‑risk components, offering 30,000 charge cycles. It is presently suited only for stationary storage, not for vehicles.
  • Solid‑state: Both guests deem solid‑state batteries still far from market, placing the technology at level 4 on a 1‑to‑9 industry‑readiness scale—strong in research but distant from commercial production.

Industry Context and Future Outlook

Rath outlines three converging “super cycles” – electrification, manufacturing, and AI – that will outpace supply. He argues genuine energy independence, rather than reliance on imported lithium and rare earths, will be essential as globalisation shifts toward regional blocs. He points to 2023 as the year renewable power paired with batteries became cheaper than fossil fuels in many regions, a trend accelerated by AI data‑centres moving from diesel backup to safer battery storage.

Advice for Building a Battery Business in India

Kamath asks whether to start an electric‑car firm or a battery firm. Rath advises to skip the car company and focus on a battery venture decoupled from lithium and rare earths, targeting India’s scooter and three‑wheeler market as the first sodium‑ion customers.

Comparative Insights

The conversation references BYD’s rapid rise from a phone‑battery maker to a vertically integrated EV and battery giant within roughly a decade, attributing success to China’s “government venture capital” model that funds dozens of firms, expecting only a few to dominate. Tang adds that China’s AI enthusiasm spans generations, contrasting with a more cautious mood in the United States.

Company Highlights

  • EnerVenue closed a USD 300 million Series B extension in 2026 and is scaling manufacturing in Changzhou, China.
  • HiNa Battery was spun out of the Chinese Academy of Sciences in 2017, holds over 30 patents across sodium‑ion cathode, anode, and electrolyte technologies.

Availability

The full episode is available on YouTube.